NWIN has BV $27.50, Stock around $26 and earning $2.60. Yield is 4%%, Earns 1% on assets. Recent acquisition should push earnings to over $3 next year. Dividend growing at 8%. Hard to buy but almost guaranteed 12% total return and good chance for a buyout at 50% higher price. CMOH is just as cheap.

The LaJolla farmers did not get it right. They carry AG at $152 million. That is $70 million of equity. They are getting $30MM but $10-15 is being held in escrow against future losses and contingencies. So book value will drop by at least $2/shr and probably more to $15.50. The stock should be selling at 70% of BV to verify how bad these guys are at managing assets and their huge salaries which keep eating away at BV.

I would have thought that by now some corporate raider would have tossed these guys out. Problem is the thing is just too small and the remaining assets are junk. The water is such along term payout that the PV is small. UCP is worth zip as it will go bankrupt in the next housing decline.

BV $27.50, Stock around $27 and earning $2.60. Yield is 4%%, Earns 1% on assets. Recent acquisition should push earnings to over $3 next year. Dividend growing at 8%. Hard to buy but almost guaranteed 12% total return and good chance for a buyout at 50% higher price. CMOH is just as cheap.

They forgot to sell the 43% interest in UCP. It is now only worth $1.20/shr. They cannot sell it now as housing stocks are out of favor and UCP is unprofitable and illiquid. It is chap 11 in next housing downturn. Mindjet interest is maybe worth $.50/shr and Canola is worth zero. AG is carried at $7.15/shr and that means a writeoff of $7/shr. BV is a fiction. The cash on the BS and misc is a generous $3/shr and was down about 25% last year as public stocks they owned dropped in value (while the stock market was up 13%) . That leaves the water asset which has a present value of about $5/shr. It's value is growing at about 4% but a buyer would put a 15% discount rate on that. That all adds up to $9/shr but MGT is taking $3.6MM per year in comp. I will look at it again at $8/shr. where it will surely go. Your money. This company is worth following as an HBS study of poor management. You might also note the major holders and avoid their mutual funds as they are just as dumb. I follow this because Hart was portrayed to me as a great investor. Yike! If you see errors in my work, let me know.

They were issued shares in exchange for future income. They also get to double dip in the future in fees for performance. This is not an arms length agreement and no shareholder vote. By my calculation they were paid 32x the annual savings to the REIT and then we are diluted 5%. Plus thye still reimbursement. This sucks. They also need to cover the dividend on the new shares. This is another awful deal. for shareholders. The next step is a dividend cut.

Down 10% more than the market in 2015 ---so far. Warren is ruining his portfolio with highly cyclical stocks like rails and housing. It may pay off if inflation comes roaring back but not right now. Buy level around 120% of BV or $175,000

Sally Thornton, the wife of Founder John Thornton, has died. She was a great benefactor of San Diego and member of our Board. We mourn her loss.
The control position of John Thornton is now marked to market under Federal Estate Tax Law. This will accelerate the sale of our company. I have reason to believe the value is over $12/shr. ID check products are more valuable than Mobile Deposit. Fiserv and Jack Henry are obvious buyers.

The customer goes to WFM and TFM because they do not need to read labels. Everything is organic. Unfortunately, the supermarkets have caught on. Ralph's and Von's in CA have tripled their organic sections. I no longer go to WFM as my needs are met in traditional stores with all their extra offerings. The WFM/TFM niche is being eroded and with prices so much higher, they will now begin to lose market share. WFM is selling at a big cash flow premium to the SPX and has a lower ROE. With growth slowing, that cannot last for long. TFM is a little cheaper but still valued at $10MM/store or 12x cash flow. Their store prices are higher than WFM. They will now bump up against WFM smaller format stores.

Now in survival mode. Fired marketing, CFO and other execs. Other key people will leave shortly as hand writing on the wall--slow decline to nowhere. product offering is obsolete and cellphone internet access speeds up and is secure. Ipas missed the boat.

margins up, cash flow up, number of customer additions up 40%, only selling at 12x EBITDA @ $2.50 based on company projections plus building cash as capex limited. Open ended growth. Love the prospects. Had a big run in last month so natural that day traders dump some shares. Buying more.

Yahoo! Finance Worldwide

Quotes are real-time for NASDAQ, NYSE, and NYSEAmex when available. See also delay times for other exchanges. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.